All Forum Posts by: Tyrus Shivers

@J Scott

Well written post! I agree totally about new people needing to do the legwork in some capacity. Many have approached me about how to do this or that or how can I streamline and grow, but have not even set up a proper entity. It just shows that most want a mentor to do it all and they sit back and collect.

@William Baumann  not saying at all you fit that description, but it really it the burden of the mentee to prove to the mentor why they should help them especially if you already know the mentor is successful in what they do.

@Lee Liberman

I manage a property for a owner who used Chuck Evers and his team in November. It was a full kitchen rehab, bathroom rehab, and some closet creation/design. The work was done exceptionally well. I did not have any issues with talking with Chuck and his price in my opinion seemed on par with the community in Maryland.

@Christina R.  is also licensed in MD. Each of the people @Ned Carey mentioned can assist you and may have recommendations for agents licensed in VA. If you can provide more detail about what you are looking to do that would be helpful.

@Kevin Lackland

It has been. I just been working on Property Management aspects. @Lamont Marable Baltimore City can produce good returns, but you need to know the areas you are dealing with. Licensing such as Rental, MDE, and Lead Disclosures are the important ones, not really a horror story if you go in with the mindset of doing the right thing the first time, properly screening tenants, and learning the area. Sec 8 can be a headache, but its getting better with them as well. I guess depends on how well (YOU) communicate. By that I mean there are issues with every situation and it is about how well you handle it and press forward. 

@Lamont Marable The Donor means I donated to BP. You can do donations and I think if you donate at least $50 you earn the Donor Badge. I attend the BWI Meetup and the Baltimore REIA. How about you?

@Kevin Lackland  @Lamont Marable 

Not many Realtors are flipping lease options. Most do not understand how they work and it is risky. Are you looking to wholesale the lease option or be stuck in the middle? Most Brokers are not allowing this or they allow it, but provide no support. Essentially staying away from a net listing is what is important.

@Matthew Newcomer

As Beth suggested, talk to an attorney, if you can talk to two or three as they all have different opinions. What I did was talk to two RE attorneys both investors and they had the same idea of setting up LLCs. I had one write my Operating Agreement, and then I had the other review it. Both knew from the beginning that I was going to get a second opinion for my best interest. They agreed I should do just that so no issues. My CPA who is also a successful RE investor took a look at the Operating Agreement and said it was prepared well. Even with that all three said that I still have risks, but I am better protected. I do have umbrella insurance and use different bank accounts for different entities.

Leasing agents and PM companies are everywhere in Maryland as you do not have to have a license or be a broker. As it has been said before most Brokerages force you to sign a document saying that you are operating as a PM under your own company. So here in Maryland being a PM and being a Leasing agent is often two separate business models. 

@Brittnie Stewart

Yes! The relationship with Baltimore City Housing is the most important aspect. There are vouchered tenants everywhere, but when the RFTA is turned in is when the nightmare starts. Basically calling everyday just to get an inspection then to leasing is the largest lag in getting a property rented. I absolutely see no reason for it to have to operate that way. They have claimed that HUD makes changes and forces them to allocate resources to other projects or housing so all the landlords are on standby until that is done. I think the organization needs a complete overhaul and could be much more efficient than it is. But hey that's what happens in government bureaucracy and red-tape situations.

@Beth L.

From my understanding no there is not a specific requirements. The only privacy requirements deal with entering the property. I was just wondering about information/PII privacy protections. I think I will draft up something anyway to include in my tenant packets.